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Written by Keph Senett and Justin Dallaire
Last updated on April 1, 2025
Canadians love travel and shopping, but when using their credit cards outside of Canada, many pay foreign transaction (forex) fees—as much as 2.5%—on every purchase. That’s on top of the exchange rate. The credit cards you’ll find here either come with no foreign transaction fee or reward foreign-currency purchases enough to cover it.
Scotiabank Gold American Express Card
Home Trust Preferred Visa
Scotiabank Passport™ Visa Infinite Card
The MoneySense editorial team selects the best credit cards by assessing the value they provide to Canadians across various categories. Our best no foreign transaction fee credit cards ranking is based on an extensive list of card details and features, including foreign transaction fees, annual fees, interest rates, welcome offers, rewards earn rates and redemption options, annual income requirements, and perks such as insurance coverage. Our rankings are an unbiased source of information for Canadians. The addition of links from affiliate partners has no bearing on the results. Read more about how MoneySense makes money.
MoneySense is an award-winning magazine, helping Canadians navigate money matters since 1999. Our editorial team of trained journalists works closely with leading personal finance experts in Canada. To help you find the best financial products, we compare the offerings from over 12 major institutions, including banks, credit unions and card issuers. Learn more about our advertising and trusted partners.
Scroll through the table to quickly and easily compare card the details of our top picks.
Dive into the pros and cons of our gold, silver and bronze-winning credit card picks.
At a glance: With an impressive earn rate, especially on groceries and dining, plus a comprehensive insurance coverage package, the Scotiabank Gold American Express is not only the best no foreign transaction fee card, but also one of the best overall travel credit cards in Canada.
Annual fee: $120
Welcome offer: Earn up to $780 in value in the first 12 months, including up to 40,000 bonus Scene+ points. Offer ends July 1, 2025.
Card details
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At a glance: Don’t think no forex fee is worth paying an annual fee? As the only no-annual-fee card to come with this perk, the Home Trust Preferred Visa is a good option. It waives the forex fee on purchases in all foreign currencies, not just U.S. dollars.
Annual fee: $0
Welcome offer: This card does not have a welcome bonus at this time.
Card details
At a glance: Our number three pick was the first card from a Canadian Big Six bank to waive its foreign transaction fee. Today, the Scotiabank Passport Visa Infinite continues to offer strong rewards, an easy-to-understand and flexible rewards program, and seriously impressive airport lounge benefits.
Annual fee: $150
Welcome offer: Earn up to $1,100 in value in the first 12 months, including up to 40,000 bonus Scene+ points. Offer ends July 1, 2025.
Card details
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Some credit cards in Canada that charge a foreign transaction fee may still be worth considering for foreign currency purchases. The two cards below offer rewards that offset their forex fee, leaving you with a little extra in the process.
At a glance: With much higher earn rates than most no-fee credit cards, the Rogers Red World Elite Mastercard charges a 2.5% foreign transaction fee—but it also nets you 3% cash back on purchases in U.S. dollars, so you end up with an extra 1% in rewards.
Annual fee: $0
Welcome offer: None at this time.
Card details
At a glance: This is a competitive mid-tier credit card with a below-average annual fee, offering better-than-average travel insurance and 3% in rewards on foreign-currency purchases, which effectively offsets the 2.5% foreign transaction fee.
Annual fee: $99
Welcome offer: Get 7,000 bonus points when opening any new Meridian Visa card. Offer ends May 31, 2025.
Card details
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It’s not only Canadian credit cards that can help you save on forex fees. The bank card alternatives below come with the same perk, meaning you can accomplish the same goal without putting purchases on credit.
At a glance: The EQ Bank Card can help you avoid costly fees when you’re withdrawing or spending money in a foreign currency by waiving all foreign exchange fees charged by EQ (transactions are still subject to Mastercard’s currency conversion rate). This is a great back-up card for those purchases where the credit card in your wallet isn’t accepted.
Annual fee: $0
0.5% cash back on all purchases
Pay no forex fees on purchases
Earn 2.5%-4% interest on your cash deposits
Welcome offer: This card does not have a welcome bonus at this time.
Card details
At a glance: The Wealthsimple Cash account doesn’t charge service fees—or exchange fees on purchases made in foreign currencies. Plus, at a minimum of 3.5% interest for Core clients (Premium and Generation clients earn more), the interest rates make this a solution to consider. Plus, you earn rewards on your spending.
Annual fee: $0
Earn 1% back in stock, crypto or cash on your purchases
Earn 3.5% to 4.5% on your cash deposits
Welcome offer: This card does not have a welcome bonus at this time.
Card details
No, foreign transaction fees are not affected by exchange rates. The foreign transaction fee is an additional charge added on top of the current exchange rate. Exchange rates are determined by the credit card companies, using the up-to-date value of the Canadian dollar and the value of whichever currency you’re converting to.
However, foreign transaction fees will vary according to which credit company you choose. Ultimately, choosing a credit card with no foreign transaction fee—or one which offers a rebate on foreign transaction fees—is one of the best ways to save money when shopping in a foreign currency.
Purchasing with a credit card during travel helps you earn rewards, receive purchase protection, PIN protection and the ability to cancel your card if stolen while abroad. As long as credit cards are widely accepted at your destination, it’s advisable to refrain from taking out large amounts of cash.
Using your credit card to pay in a foreign currency often ends up being costlier than you think. Here’s why:
Foreign currency conversion. The transaction amount is converted from the local currency to Canadian dollars by the credit card network, using a credit card conversion rate that’s slightly higher than market rates. You can check the Mastercard currency exchange rate and Visa foreign exchange rate online. Amex foreign exchange rates vary by card and country of issue, so check your credit card agreement.
Foreign transaction fee. This fee is charged by the credit card issuer and typically ranges around 2.5% of each foreign currency transaction. The fee is applied to every purchase made in a currency that’s not Canadian dollars—even when you shop online. This is the fee you’ll eliminate by using a no forex fee card.
Dynamic currency conversion. Sometimes, you’ll be given the option to pay in a local currency or have the price converted to your home currency at the point of sale. This is known as dynamic currency conversion (DCC), and it eliminates both the foreign currency conversion and foreign transaction fee. This makes you think you’re saving money, but DCC typically uses an exchange rate with a significant markup (around 3% to 5%) so each transaction becomes even more expensive.
As explained above, dynamic currency conversion almost always costs more. Whenever you’re asked if you’d like to pay using the local currency or your home currency, always choose the local currency.
Whether you travel overseas frequently or simply enjoy shopping online from international stores, foreign transaction fees can quickly add up. To illustrate how much you can save while travelling by using a credit card with no overseas fee, imagine spending €1,000 during a trip to Europe:
In addition to saving on foreign exchange fees, a no forex fee credit card may also earn you more rewards. If you use the Scotiabank Passport Visa Infinite featured in this example, any spending on groceries, dining, entertainment, and transit will earn 2X the points — even overseas.
Using a no foreign transaction fee credit card is great—until you’re overseas and purchasing from a business that doesn’t accept credit cards. If you aren’t carrying cash in the local currency, withdrawing cash from an ATM using your credit card will incur hefty fees: in addition to the foreign transaction fee and ATM fee charged by the overseas ATM, you’ll immediately incur cash advance interest charges.
One solution is to use a debit card that doesn’t charge foreign transaction fees, like the EQ Bank Card. This way, you’ll get cash based on the bank’s exchange rate and pay only the overseas ATM fee.
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MoneySense, Canada’s personal finance resource for more than 25 years, is owned by Ratehub Inc., but remains editorially independent. The editorial team works to provide accurate and up-to-date information, but details can change and mistakes could happen. We encourage readers to do their own research, practice critical thinking and compare their options, especially before making any financial decisions. If you read something you feel is incorrect or misleading, please contact us. MoneySense is not responsible for content on external sites that we may link to in articles. We aim to be transparent when we receive compensation for advertisements and links on our site . Paid content that is sponsored, presented or created by a MoneySense partner is clearly labelled. Affiliate (monetized) links are indicated with an asterisk or labelled as “Featured.” (Read our full advertising disclosure for more details.) Advertisers/partners are not responsible for and do not influence our editorial content. Our advertisers/partners are also not responsible for the accuracy of the information on our site. Be sure to review product information as well as provider terms and conditions on their sites. (Products and offers may vary for Quebec.) The content provided on our site is for information only; it is not meant to replace advice from a professional.
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